The SEC adopted final rule and form amendments (the “Final Rules”) that modify the registration, offering, and communications processes currently used by registered closed-end management investment companies, including all types of continuously-offered closed-end funds. Read more to learn how the final rules impact your efforts.

SEC Proposal

The SEC proposed a new rule to codify fair valuation requirements for funds registered under the Investment Company Act of 1940. Rule 2a-5 (“Proposed Rule”) would be the first rule that establishes a comprehensive regulatory framework for fair valuing investments in good faith for which there are no readily available market quotations. Read more…

Virtual Advisor Summit Series

CEFA will be hosting a series of Virtual Summits as a new effort to communicate to advisors during this time. If your firm would like to get involved in this effort, please email

Houston Advisor Summit: October 29, 2020

CEFA is going to Houston for a live advisor summit to take place this Fall at Marriott West Loop by the Galleria in Houston, TX. If you are interested in Sponsoring the event, please email

Content Opportunities

From podcasts to webinars, we offer a range of opportunities for collaboration. Be sure to get on the calendar and take advantage of this insightful member benefit.

Call for Copy

Now is a critical time to communicate with investors and advisors. Send your latest copy to CEFA to feature on Please submit copy to

These Closed-End equity funds founded in 1929 are still going strong

Even as the largest actively managed stock mutual funds in the U.S. lag behind the S&P 500, the oldest funds are doing nicely. Funds that survived the 1929 stock market crash, including Central Securities (ticker: CET), Adams Diversified Equity (ADX), and General American Investors (GAM). These closed-end funds might not be bargains, but they’re all up 30%-plus this year.

Closed-End Activist Tries New Tactic: Use a Fund Director

When activist investors in the rough-and-tumble world of closed-end funds put forward a slate of board nominees, they usually select employees or others already allied with them. But in a proxy battle at a Nuveen fund, the hedge fund Saba Capital has landed a rare catch as one of its nominees: an independent fund director currently serving at an open-end complex.